Fortune reversal for Otter Gold Mines

Otter Gold Mines has posted an after-tax loss of $11.61 million for the six months to December 31, compared with a net profit of $2.64 million for the previous corresponding period.

There was a $9.7 million writedown in the value of Otter's indirect interest in the Beaconsfield mine in Tasmania, which is held through subsidiary Allstate Exploration.

Operating revenue was up 37 per cent on the year before, to $51.44 million.

The company's net equity gold production was 65,493 ounces, up from 59,643 ounces in the previous period a year ago, mainly because of the inclusion for the first time of the Beaconsfield mine production.